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Reported by Star-Bulletin staff & wire
Thursday, November 23, 2000
Mortgage rates holding steady
WASHINGTON -- The average interest rate on 30-year, fixed-rate mortgages held at 7.73 percent this week, unchanged from last week, according to a survey by mortgage company Freddie Mac. In mid-May, rates on 30-year mortgages hit a five-year high of 8.64 percent. Fifteen-year mortgages also were unchanged at an average 7.41 percent this week. One-year, adjustable-rate mortgages averaged an initial rate of 7.28 percent, up from 7.25 percent last week.
USA Networks consolidates units
LOS ANGELES -- USA Networks Inc. is consolidating its Ticketmaster and Citysearch operations in a deal valued at $653 million.USA split its concert ticketing division in 1998. It retained its privately held Ticketmaster Corp. while spinning off its online ticketing service, which then merged with Citysearch, an online city events guide. The new company, Ticketmaster Online-Citysearch Inc., went public in December 1998. USA networks retained 49 percent of the company.
In the deal announced this week, USA will contribute Ticketmaster Corp. to TMCS in exchange for 52 million shares. USA will own 68 percent of the new company.